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CONSIDERATION
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Consideration from the promisee normally takes a form of Payment of Money.
But, it could consist of some other service to which promisor might agree. Important – The promisee MUST provide something in return for the promise of the promisor; To convert a bare promise made by the promisor in to a valid binding promise.
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Past Consideration Something already completed before the promise is made. This is NOT valid consideration in the eyes of the law. Consideration is considered past when – it consists of some service or benefit previously rendered to the promisor.
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Consideration Must Move From The Promisee
Only a person who has provided consideration can enforce that promise as a contract.
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Consideration Must Be Sufficient But Need
Not Be Adequate Courts will NOT investigate the fairness of the consideration as long as; Recognized by the law as having a value. It is acceptable by courts. Mountford V. Scott Paid $1 to purchase a house. It was deemed good consideration. Chappell V. Nestle Three wrappers given by the defendant’s chocolate was considered good consideration for the purchase of a gramophone.
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